Score Your Stock

US stock · figures in US dollars · scored on full-year results

Fortinet Fortinet, Inc.

FTNT · Technology · Software - Infrastructure
Top 18% of scored stocks
OkayTop 18% of scored stocks
Weak Spot

Fortinet scores 67/100 on fundamentals: in the top 18% of 503 scored S&P 500 stocks. Its strongest area is Business Strength (100/100); its weakest is Price Fairness (17/100). It carries 1 warning flag: Weak Spot.

Best
Business 100
Weakest
Price 17
  • Carries a Weak Spot flag

An expensively priced stock with healthy growth, but price fairness needs attention.

What looks good
What to watch
Mkt capUS$ 99.6b#118 of 503 in the S&P 500EPSUS$ 3.06P/E44.3×✗ vs sector median 31.5×P/B81.7×✗ vs sector median 7.4×Div yieldNo dividends paidBottom 10% in the S&P 50052w range · 50% of range73.55197.13
as of 31 Oct 2026

Nearby peers

Ranks #23 of 86 in Technology by score

#1First Solar87#21Micron Technology68#22Arista Networks67
#23Fortinet67
#24Tyler Technologies67#25Salesforce66

One-Minute Summary

Why Fortinet scores 67

An expensively priced stock with healthy growth, but price fairness needs attention.

What looks good
What to watch

Business Strength

100
Why 100?
Pillar score: (2 + 2 + 2 + 2 + 2) = 10 of 10 points → 100
Return on Equity (ROE)184%Strong4-Year Revenue Growth+14%/yrStrong4-Year Profit Growth+26%/yrStrongNet Profit Margin29%StrongQuarterly Momentum+19%Strong
Show 3 charts

Net Profit & Equity, with ROE

Net Profit ↑ +98.8%Equity ↑ +367%ROE % 184.4%
Net ProfitEquityROE %
1.1b1.7b1.9b2.3b-463m1.5b1.2b1.2b202320242025TTM116.8%149.8%184.4%

Revenue & Net Profit, with Net Margin

Revenue ↑ +48.6%Net Profit ↑ +98.8%Net Margin % 29%
RevenueNet ProfitNet Margin %
5.3b6.0b6.8b7.9b1.1b1.7b1.9b2.3b202320242025TTM21.6%29.3%27.3%29%

Sales grew about 48.6% over 4 years: customers keep spending more with this company.

Profit climbed about 98.8% over 4 years: the business keeps more money as it grows.

Recent Quarters: Revenue & Net Profit (the last 8 quarters, scored)

Revenue ↑ +35.8%Net Profit ↑ +12.3%Net Margin % 29.6%
RevenueNet ProfitNet Margin %
1.5b1.7b1.5b1.6b1.7b1.9b1.8b2.0b540m526m433m440m474m506m535m606mQ3'24Q4'24Q1'25Q2'25Q3'25Q4'25Q1'26Q2'2635.8%31.7%28.1%27%27.5%26.6%28.9%29.6%
▲▲▲▲▼▬▲▲

Sales grew about 35.8% over the last 8 quarters: customers keep spending more with this company.

Profit grew about 12.3% over the last 8 quarters: the business is keeping more of what it earns.

Why 67?
Pillar score: (1 + 1 + 2) = 4 of 6 points → 67
Debt-to-Equity0.8×OkayCurrent Ratio1.2×OkayInterest Coverage189×Strong
Show 2 charts

Debt vs Equity, with D/E ratio

Total Debt → +0.4%Equity ↑ +367%D/E 0.8×
Total DebtEquityD/E
992m994m996m996m-463m1.5b1.2b1.2b202320242025TTM0.7×0.8×0.8×

Borrowings have stayed roughly level: manageable, as long as profits stay healthy.

Short-term assets vs bills, with Current Ratio

Current Assets ↑ +33.2%Current Liabilities ↑ +35.4%Current Ratio 1.2×
Current AssetsCurrent LiabilitiesCurrent Ratio
4.4b6.0b5.9b5.9b3.7b4.1b5.0b5.0b202320242025TTM1.2×1.5×1.2×1.2×
Why 75?
Pillar score: (0 + 2 + 2 + 2) = 6 of 8 points → 75
Dividend QualityNo dividends paidWeak
Payout ratio: 0%
Operating Cash FlowPositive & growingStrongFree Cash FlowPositive & growingStrongCash & Cash EquivalentsGrowing & covers near-term debtStrong
Show 3 charts

Operating vs Free Cash Flow

Operating CF ↑ +90.5%Free CF ↑ +98.2%
Operating CFFree CF
1.9b2.3b2.6b3.7b1.7b1.9b2.2b3.4b202320242025TTM

The business generates real cash, and more of it each year: a very healthy sign.

Cash vs Total Debt

Cash ↑ +78.5%Total Debt → +0.4%
CashTotal Debt
1.4b2.9b2.5b2.5b992m994m996m996m202320242025TTM

Dividends per Share, with Yield

DPS (cents) → +0%Yield % 0%
DPS (cents)Yield %
000020222023202420250%0%0%0%

Dividends per share have been maintained or raised: management shares the rewards with you.

Why 17?
Pillar score: (0 + 0 + 1) = 1 of 6 points → 17
P/E Ratio44.3×WeakP/B Ratio81.7×WeakPEG Ratio1.7Okay
Show chart

Share Price: Weekly Closes (not part of the score)

US$ 194.75US$ 135.06US$ 75.38Oct '25Feb '26Jun '26Oct '26

The share price is up about 57.4% over the past year.

Why 75?
Pillar score: (2 + 1 + 2 + 2 + 1 + 1) = 9 of 12 points → 75
Earnings ConsistencySteadyStrongDebt Trend (4yr)StableOkayShare Count Trend (4yr)-1%/yrStrongInventory vs Sales (4yr)-20.3 pp/yr vs salesStrongAsset Turnover Trend (4yr)+3.8%OkayQuarterly Consistency2 of 4 quarters downOkay
Show chart

Revenue vs Inventory, with Inventory % of Revenue

Revenue ↑ +48.6%Inventory ↓ -17.6%Inv. % of Rev. 5.1%
RevenueInventoryInv. % of Rev.
5.3b6.0b6.8b7.9b485m316m400m400m202320242025TTM9.1%5.3%5.9%5.1%
Ranks #23 of 86 in Technology by score

Sector peers

#1First Solar87#21Micron Technology68#22Arista Networks67
#23Fortinet (you)67
#24Tyler Technologies67#25Salesforce66

Full Financial History

Every reported figure behind the score, year by year. Download it, or check it against the company's own annual report.

Financial YearRevenueNet ProfitOperating Cash FlowFree Cash FlowCapExCashTotal DebtShort-Term DebtEquityCurrent AssetsCurrent LiabilitiesTotal AssetsTotal LiabilitiesInventoryDividendsReturn on Equity (ROE)Net Profit MarginDebt-to-EquityCurrent RatioInterest CoverageDiv yieldP/E RatioP/B RatioPEG Ratio
2026US$ 7.9bUS$ 2.3bUS$ 3.7bUS$ 3.4bUS$ -255.6mUS$ 2.5bUS$ 996.3mUS$ 499.7mUS$ 1.2bUS$ 5.9bUS$ 5.0bUS$ 10.4bUS$ 9.2bUS$ 399.5m-184%29%0.8×1.2×189.0×----
2025US$ 6.8bUS$ 1.9bUS$ 2.6bUS$ 2.2bUS$ -364.8mUS$ 2.5bUS$ 996.3mUS$ 499.7mUS$ 1.2bUS$ 5.9bUS$ 5.0bUS$ 10.4bUS$ 9.2bUS$ 399.5mUS$ 0.0m150%27%0.8×1.2×114.5×0%31.2×46.8×1.1
2024US$ 6.0bUS$ 1.7bUS$ 2.3bUS$ 1.9bUS$ -378.9mUS$ 2.9bUS$ 994.3m-US$ 1.5bUS$ 6.0bUS$ 4.1bUS$ 9.8bUS$ 8.3bUS$ 315.5mUS$ 0.0m117%29%0.7×1.5×103.9×0%42.8×50.1×1.0
2023US$ 5.3bUS$ 1.1bUS$ 1.9bUS$ 1.7bUS$ -204.1mUS$ 1.4bUS$ 992.3m-US$ -463.4mUS$ 4.4bUS$ 3.7bUS$ 7.3bUS$ 7.7bUS$ 484.8mUS$ 0.0m-248%22%-2.1×1.2×64.5×0%38.8×-96.1×1.2